Stiles Financial Services Inc Has $1.45 Million Holdings in Devon Energy Corporation $DVN

Stiles Financial Services Inc cut its holdings in Devon Energy Corporation (NYSE:DVN) by 31.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 39,602 shares of the energy company’s stock after selling 17,961 shares during the quarter. Stiles Financial Services Inc’s holdings in Devon Energy were worth $1,451,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after acquiring an additional 560,652 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Devon Energy by 6.3% during the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after acquiring an additional 552,068 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after acquiring an additional 1,862,720 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Devon Energy by 5.5% during the third quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company’s stock valued at $165,210,000 after acquiring an additional 246,179 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Devon Energy by 3.4% during the third quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company’s stock valued at $115,234,000 after acquiring an additional 106,824 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Analysts Set New Price Targets

DVN has been the subject of several recent research reports. Barclays boosted their price objective on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Mizuho boosted their price objective on Devon Energy from $51.00 to $62.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Capital One Financial decreased their price objective on Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Jefferies Financial Group boosted their price objective on Devon Energy from $44.00 to $53.00 and gave the company a “hold” rating in a report on Monday, April 13th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $66.00 price objective on shares of Devon Energy in a report on Monday, April 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Devon Energy Trading Up 0.6%

Shares of Devon Energy stock opened at $45.60 on Friday. The stock has a fifty day simple moving average of $47.32 and a 200 day simple moving average of $40.82. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71. The company has a market capitalization of $28.34 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.43. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the company posted $0.82 EPS. The company’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy Corporation will post 5.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio is currently 26.74%.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.